Summary:
Claire Tomkins founded Future Family after her own IVF experience.
IVF treatments can cost between $15,000 to $30,000 per cycle.
Future Family offers payment plans starting at $300/month and insurance with a "Baby or Your Money Back" guarantee.
Since 2016, the company has provided over $200 million in credit to patients.
Tomkins aims to make fertility care accessible and affordable for everyone.
Meet Claire Tomkins: A Visionary in Fertility Financing
Claire Tomkins, founder and CEO of Future Family, holds a PhD in applied economics and finance from Stanford University. She transitioned from a career in consumer finance to entrepreneurship after a personal journey with in vitro fertilization (IVF), a common experience for many Americans.
Image Credit: Gina Risso. Future Family founder and CEO Claire Tomkins.
The Challenge of IVF Costs
Having undergone IVF herself, Tomkins is now a mother of three and understands the emotional and financial toll of fertility treatments. The costs can be staggering, with a single cycle ranging from $15,000 to $20,000, sometimes exceeding $30,000 according to the U.S. Department of Health and Human Services.
"We clearly needed a financial product for family building for IVF," Tomkins states.
Innovative Financial Solutions
Future Family offers a monthly payment plan starting at $300 for IVF treatments and $150 for egg freezing, covering essential procedures and medications. In February, they launched Orange Shield, an insurance product with refund levels of $15,000, $30,000, and $50,000 for unsuccessful cycles, providing peace of mind with a "Baby or Your Money Back" guarantee.
"[IVF is] this emotional and financial rollercoaster... Let's try and address the financial rollercoaster so you can focus on your own emotional journey," Tomkins explains.
Addressing Industry Skepticism
Despite initial skepticism from the insurance sector about insuring IVF, Tomkins identified a clear gap in the market. With improved IVF success rates, Future Family built an actuarial model to underwrite the risks involved. They created a multi-disbursement product to handle payments directly to clinics and pharmacies.
Growth and Impact
Since its launch in 2016, Future Family has provided over $200 million in credit to more than 10,000 patients and raised $48 million in venture capital. Recently, they secured a $400 million financing program to expand their lending platform, aiming to make fertility care accessible and affordable for all.
"I'm very excited to see that we're having more national conversations around IVF," Tomkins emphasizes, highlighting the importance of making fertility treatments mainstream.
This article is part of our ongoing Women Entrepreneur® series, celebrating the stories and triumphs of women in business.
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